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Memo Basics Format MEMORANDUM DATE: TO: FROM: SUBJECT: Introduction of Memo The memo starts with an introductory paragraph. The introduction should discuss what the memo is about and the reason of writing it. The introduction should set up the main points of the memo. Body of Memo The body of the memo should address the results of the research and can be divided into sections. Sections should be organized based on the topics of the research. The main idea of each section should be summarized. Conclusion of Memo The conclusion should sum up the memo and highlight the main ideas. The conclusion may also offer applicable course of actions. Example What is the specific codification and requirements for the calculation of the weighted average number of shares for basic earnings per share purposes? The specific codification for calculation of weighted average number of shares for basic earnings per share is FASB ASC 260-10-55-2: \"Earnings per Share-Overall-Implementation Guidance and Illustration-Computing a Weighted Average.\" The codification states that the weighted-average number of shares is an arithmetical mean average of shares outstanding and assumed to be outstanding for EPS computations. The most precise average would be the sum of the shares determined on a daily basis divided by the number of days in the period. Less-precise averaging methods may be used if they produce reasonable results. Methods that introduce artificial weighting are not acceptable for computing a weighted-average number of shares for EPS computations. Research Memo Assignment Facts: You are spending the summer working for a local furniture company, Runner Furniture, Inc. The company is considering a proposal from a local financial institution, KC Financial, to factor Runner's receivables. The company controller is unfamiliar with the prevailing GAAP that deals with accounting for the transfer of financial assets and has asked you to do some research. The controller, Mr. Runner wants to make sure the arrangement with the financial institution is structured in such a way as to allow the factoring to be accounted for as a sale. KC Financial has offered to factor all of the company's receivables on a \"without recourse\" basis. KC Financial will remit to Runner 90% of the factored amount, collect the receivables from Runner's customers, and retain the remaining 10% until all of the receivables have been collected. When KC Financial collects all of the receivables, it will remit to Runner the retained amount, less a 4% fee (4% of the total factored amount). Your supervisor, Mr. Runner, has asked you to access the FASB Codification to conduct research and provide responses to his questions. Using section 860-10-40, related sections, textbook, PPT slides and other appropriate resources, if necessary, answer the following questions. The delivery of your work should be in a memo addressed to Mr. Runner with the results of your research. Required Explain the meaning of the term \"without recourse\". What conditions must be met for a transfer of receivables to be accounted for as a sale (or in accounting terms, \"derecognized\")? What is the specific citation that Runner would rely on in applying that accounting treatment? An agreement that both entitles and obligates the transferor, Runner, to repurchase or redeem transferred assets from the transferee, KC Financial, maintains the transferor's effective control over those assets and the transfer is accounted for as a secured borrowing, not a sale, if and only if what conditions are met? Assuming that the conditions for treatment as a sale are met, explain how to prepare Runner's journal entry to record the factoring of $400,000 of receivables. Assume that the fair value of the last 10% of Runner's receivables is equal to $25,000. Instructions for Writing Your Responses 1) Address your memo to the person/department that is asking for the information. This is a research and writing assignment - NOT cut and paste assignment. This requires you to try to state as much as you can with your own words and requires you to use direct quotations judiciously. 2) If you do quote from the concepts statement or standard, be sure to use quotation marks or, if it is more than three lines, single space and indent. Don't forget to provide the appropriate reference. Please cite the FASB Codification as ASC XXX-XX-XX. Be as precise as possible in your citations. 1 3) Your citations should be primarily from the Codification. If you reference sources other than the FASB Codification, please provide precise citations (i.e., provide page numbers, etc.). 4) Please recognize that even when you are paraphrasing or putting the concepts into your own words, you MUST still give attribution to your source. This should be at the end of the sentence in parentheses before the period. For example, blah, blah, blah (ASC XXX-XX-XX). 5) Your responses must be typed and double-spaced (this is for ease of grading). Left-justify the page. Use Times New Roman font (no smaller than 11 font). Margins must be 1 inch left & right and 1 inch top & bottom. 6) The quality of the product you submit will significantly impact your grade. Quality considerations include (but are not limited to) writing skills (grammar, spelling, sentence & paragraph structure), writing style (clarity), and overall readability (coherency). The more polished your response, the better you will do on this assignment. 7) You are to work individually on this assignment. Attach and sign the following statement: \"This work is due solely to my own efforts. I did not get any inappropriate help in completing this assignment.\" 2 This sample policy is provided by the California Society of Certified Public Accountants' Management of an Accounting Practice State Committee. The committee does not endorse the policy but provides it as guidance to help members formulate their own. Sample Memorandum On Business Casual Dress Policy DATE: TO: All Personnel FROM: SUBJECT: Business Casual Wear The firm prides itself on the professional atmosphere it maintains and the positive image that employees present as representatives of the firm. This image is affected by the manner of dress we use within our offices, in the offices of our clients, and in public when we are representing the firm. We currently have a dress practice allowing more casual clothes to be worn on Fridays during the non-busy seasons (casual Fridays). We are always searching for new ways to make our firm a better place to work. Offering everyone the opportunity to dress in business casual during the entire week wear offers a great way for employees to be more comfortable and to save money. We need to continue to present a professional image toward clients and the public. It is important that employees use their best judgment in dressing appropriately. Employees who prefer to dress more formally should feel free to do so. Casual business wear encompasses many looks but it really means casual clothing that is appropriate for a professional office environment. It is clothing that allows you to be comfortable at work yet always look neat and professional. We ask that you consider each day's activities when determining what to wear (i.e., will you be meeting with a client in our office or at their office site; will you be attending a business luncheon, etc.). Listed below is an overview of acceptable business casual wear, as well as a list of some of the more common items that are not appropriate for our office environment. Obviously, this list is not intended to be all-inclusive. Rather, these items should help set the general parameters for proper business casual wear and allow you to make intelligent judgments about items that are not specifically addressed. A good rule of thumb is that if you are not sure if something is acceptable, choose something else or inquire first. Also, it is generally better to be overdressed than underdressed. The shareholder/manager of a firm client should be consulted if questions arise regarding the appropriate attire at their office site. Slacks/pants - Wool and cotton slacks are acceptable, provided they are clean and wrinkle free. Inappropriate items include jeans, sweat pants, shorts, bib overalls, spandex and other form-fitting pants, and pants that are excessively worn or faded. Loose fitting stirrup pants accompanied by a long top or jacket are acceptable. Shirts - Casual shirts with collars (for men), polo shirts, sweaters, and turtlenecks are acceptable. Avoid tee shirts, sweatshirts, tank tops, halter tops, shirts with large lettering or logos, and any tops with bare shoulders unless worn under another blouse or jacket. Avoid clothes that are distracting and revealing. Dresses/skirts - Casual dresses and skirts with modest hemlines are acceptable. Dresses that are sleeveless but do not leave the shoulders bare are acceptable. Mini-skirts and spaghetti strap dresses are considered inappropriate. Footwear - Items such as loafers, boots, flats, and leather casual shoes are acceptable. Athletic shoes, sneakers, thongs, sandals, and slippers are considered unacceptable. Personal Hygiene - Maintaining well-kept hair, good personal hygiene, and general neat grooming is expected. Cologne and perfume should not be used in excess. Accessories - Jewelry tends to work best when it is simple and classic. Also, shoes, belts, and socks in complementing colors are necessary for completing a professional look. Let's all work together to make the flexibility of business casual wear a positive experience. If you have any questions on the above information, please discuss with (Insert Name of Person Sending Memo) or your supervisor